SA Express R1.8bn asset valuation doesn’t match the R113m ‘in the hangars’ 🔒
The assets of state-owned airline SA Express, which were valued at R1.8bn, have been found to be worth no more than R113m on inspection, liquidators of the company told MPs on Wednesday.
The airline has been in liquidation since May 13 after business rescue practitioners were unable to raise finance from the government to continue operations. But a reconciliation between the asset valuation and “what exists in the hangars” has been found to be vastly different.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SA Express R1.8bn asset valuation doesn’t match the R113m ‘in the hangars’The liquidator said there is also no guarantee that the 691 employees will receive retrenchment pay
Read more »
Scopa guns for former CEOs, directors of bankrupt SA ExpressParliament's standing committee on public accounts says it will be seeking answers from the previous boards and CEOs of SA Express over the collapse of the government owned regional carrier
Read more »
LIVESTREAM: Scopa hears from SA Express liquidatorsScopa is being briefed by the Deputy Minister of Public Enterprises and the SA Express liquidators on the process of liquidation at the airline.
Read more »
SA must stop pretending it knows what the Fourth Industrial Revolution is all aboutWhen this year began we all had resolutions and plans on how we would make this calendar year count and our students had another year of school to tackle so they may one day graduate.
Read more »
WATCH: The dire warning the World Bank has for SAEfficient Group economist Dawie Roodt talks to Business Day TV about SA’s economic outlook
Read more »